On Thursday, the spotlight continued to shine on stocks within the aerospace and defense sectors as companies reaped the rewards of the successful Chandrayaan-3 mission. Notably, Centum Electronics surged by an impressive 19.69%, Paras Defence and Space Technologies Ltd followed suit with a 17.30% rally, MTAR Technologies leaped by 10.32%, and Hindustan Aeronautics Ltd saw a steady climb of 2.69% on the BSE. Centum Electronics, a key player in the mission, had contributed over 200 mission critical modules to Chandrayaan-3.
Further contributing to the sector’s gains, Astra Microwave Products recorded a 2.63% increase, Larsen & Toubro saw growth of 1.82%, and Bharat Forge experienced a 1.63% uptick. Notably, many of these companies marked their 52-week high levels during morning trading.
The positive trend had also been observed on Wednesday when shares of aerospace and defense companies surged. In the larger equity market context, the BSE Sensex rose by 402.83 points, reaching a trading level of 65,836.13.
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that the successful landing of Chandrayaan-3 on the Moon, along with the global optimism stemming from the US economy’s smooth landing narrative, has distinctly improved the near-term market outlook.
India’s Chandrayaan-3 mission achieved a historic milestone as it successfully landed on the unexplored lunar south pole at 6.04 pm on Wednesday, solidifying India’s position as the first country to achieve this remarkable feat.